How to choose?
Choosing a mortgage loan among all the options in the market is not an easy task, we must analyze the main variables that make it up:
- Total annual cost (CAT).
- Interest rate (Type and percentage).
- Payment to capital.
- Loan Amount
- Binding offer.
Points to consider,
Contains all the costs you will have when acquiring the mortgage credit such as interest rate, bank commissions and insurance (usually life and unemployment insurance costs).
It is the percentage of the total amount that will be charged annually for the use of credit. On the other hand, there are different types: fixed, variable, mixed, etc. It is best to choose a fixed rate, even if the interest rate is higher (slightly).
Payment to capital:
Mortgage loans are made with repayments, in which most of the money you pay monthly (in the first years) will be used to pay interest. For this reason, you should look for a loan that allows you to make payments to capital (without charging you commission), which will result in interest savings.
Loan amount (capacity):
This is the amount of money they will lend you. The bank only lends you a percentage of the value of the home (80% almost always), the rest you will have to pay. Before applying for a loan, make sure you have the amount of money needed for the down payment.
Here we will find the cost (up to cents) of the loan at the end of the period. That is, the total amount we will pay over the entire life of the mortgage including interest payments, insurance, commissions, etc. Obviously, the key is to choose the least expensive loan.
In Mexico, mortgage loans are offered in different schemes. For example, Minimum Wages or UDIs. Keep this in mind and know more about each one before signing a loan.
The duration of the credit is very important, the longer, the amount you will pay for interest and insurance will increase. For this reason, it is important to contract credits in the shortest possible period, without putting too much pressure on us.
Remember that before choosing a mortgage loan you must request their information and compare the previous 6 points with other market options. This way you will be sure to choose the best one!
Now, if this does not go for you, it is confusing or it will take away time that you cannot waste. Why don’t you let someone else do it for you?